Mark Cuban, billionaire entrepreneur, and star of the American show Shark Tank is facing a class-action lawsuit over what he promoted for Voyager Digital, the lending platform that filed for bankruptcy last month.
The lawsuit also accuses Cuban of misrepresenting information on multiple occasions, making dubious claims about Voyager being cheaper than competitors, and offering commission-free trading.
Mark Cuban, along with Voyager Digital CEO Stephen Ehrlich, profited from a fledgling customer investing their entire life savings into the Ponzi scheme.
The lawsuit against Mark Cuban states:
“Cuban and Ehrlich, as will be explained, went to great lengths to use their experience as investors to dupe millions of Americans into investing—in many cases, their life savings—into the Deceptive Voyager Platform and purchasing Voyager Earn Program Accounts (“EPAs”), which are unregistered securities.”
Voyager is also mentioned:
“The Deceptive Voyager Platform is based upon false pretenses, false representations, and is specifically designed to take advantage of investors that utilize mobile apps to make their investments, in an unfair, unsavory, and deceptive manner.”
Voyager, after suffering damages related to Three Arrows Capital (3AC) has been allowed by the court to return customers $270 million in cash being held at Metropolitan Commercial Bank (MCB). The lending platform recently announced it will restore access to cash deposits on August 11, while crypto and stablecoins will have to continue to wait for a court ruling.
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